S&P affirms Getty

Standard & Poor's said it affirmed and removed from CreditWatch the BB- corporate credit rating on Getty Images Inc.

The agency assigned a BB rating and 2 recovery rating to the company's proposed $1.045 billion senior secured bank financing.

The outlook is negative.

Proceeds will be used to complete the acquisition and to repay debt.

The affirmation is based on Getty's new credit profile as a result of private-equity firm Hellman & Friedman's pending acquisition, S&P said.

Ratings reflect risks related to limited business diversity, reliance on sales to the cyclical advertising and publishing industries, the trend of organic revenue decline, secular pressures related to the unfavorable economics of digital migration and aggressive financial profile, the agency noted.

The company's competitive position in the niche market for generic visual imagery, good EBITDA margins and discretionary cash flow generation offset these risks, S&P said.

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